This study examines the impact of financial
attitude, financial management, and financial
knowledge on financial satisfaction among
Accounting students of the Faculty of Economics
and Business, Udayana University. Given that
students tend to spend money on lifestyle trends
while showing limited interest in investing or
saving, understanding the factors influencing
their financial satisfaction is crucial. The research
employs a quantitative approach using a survey
method, with 213 questionnaires collected from
active students through purposive sampling. The
data were analyzed using Structural Equation
Modeling (SEM) based on Partial Least Squares
(PLS). The results indicate that financial attitude,
financial management, and financial knowledge
have a positive and significant effect on financial
satisfaction. These findings emphasize the
importance of having a positive financial attitude,
effective financial management skills, and a solid
understanding of financial concepts in enhancing
students' financial satisfaction. The study also
suggests that fostering financial attitudes, skills,
and knowledge early on can help students achieve
long-term financial well-being in the future.
Financial AttitudeFinancial ManagementFinancial KnowledgeFinancial SatisfactionStudentsFile created by JATS EditorJATS Editorissue-created-year2025INTRODUCTION
Financial satisfaction is one of the key indicators of an
individual's economic well-being, and this also applies to university
students. As young adults navigating both academic and personal
responsibilities, students are not only expected to excel in their
studies but also to manage their personal finances wisely. In reality,
many students in Indonesia struggle with poor financial habits, such
as high levels of consumption and weak money management skills (Asih
& Muhammad, 2020). This issue is further amplified by a growing
social trend known as FOMO fear of missing out which drives students
to stay current with lifestyle trends, even when it strains their
financial capacity (Kusmiati & Kurnianingsih, 2022).
These financial behaviors present real challenges in maintaining a
healthy balance between academic priorities and financial
responsibilities. To support students in achieving financial
well-being, it is crucial to understand the underlying factors that
influence their financial satisfaction.
This study focuses on three variables believed to play a
significant role in shaping financial satisfaction: financial
attitude, financial management, and financial knowledge. Financial
attitude reflects a person’s values and beliefs about money; financial
management involves the ability to plan and control personal finances;
while financial knowledge refers to understanding financial principles
such as saving, budgeting, and investment.
Theoretically, this research is grounded in the theory of planned
behavior (Ajzen, 1991), which explains how attitudes, social norms,
and perceived control influence behavioral intentions, including
financial behavior. Additionally, goal setting theory (Locke &
Latham, 1991)provides insight into how setting clear financial goals
can help motivate disciplined financial behavior and improve
outcomes.
Based on this background, the objective of this research is to
investigate the influence of financial attitude, financial management,
and financial knowledge on the financial satisfaction of accounting
students at the Faculty of Economics and Business, Udayana
University.
LITERATURE REVIEW
Financial satisfaction is not merely the result of having money,
but a reflection of how individuals manage, perceive, and understand
their financial lives. It represents a subjective sense of contentment
with one’s financial situation, influenced not only by income levels
but also by behavior, knowledge, and mindset (Diener et al., 2020).
Among university students, financial satisfaction becomes even more
complex, as they juggle limited resources with increasing social and
academic demands. In this context, the ability to develop healthy
financial habits, attitudes, and understanding plays a crucial role in
shaping overall well-being (Lusardi & Mitchell, 2014). This study
is grounded in the Theory of Planned Behavior (Ajzen, 1991), which
explains how attitudes, social norms, and perceived behavioral control
influence financial decisions. It is also supported by Goal Setting
Theory (Locke & Latham, 1991), which emphasizes that specific and
realistic goals can motivate disciplined actions, including in personal finance. Through this lens, financial attitude, financial management, and financial knowledge are seen as
critical predictors of students’ financial satisfaction.
Image
Previous research has shown that Financial
Attitude has a positive influence on Financial
Satisfaction. (Adiputra, 2021) found that financial attitudes
are an important factor that not only directs behavior, but also
influences the way individuals make day-to-day financial decisions. In
line with that, (Zainul Arifin, 2018) It also states that the better a
person manages his financial attitude, the higher the level of
financial satisfaction achieved. Research (Putra, 2024) supports these findings, emphasizing that high financial attitudes encourage ndividuals to be more careful in managing their finances. Moreover
(Nabila et al., 2023) mentioning that although the influence is small,
Financial Attitude Continue to contribute to student
financial satisfaction. These findings suggest that a positive
financial attitude plays an important role in improving
Financial Satisfaction, especially in the context of
students who are in the stage of forming healthy financial
behavior.
𝐻 1: Financial attitude has a positive
effect on financial satisfaction.
Previous research has shown that Financial
Management has a positive effect on Financial
Satisfaction to students. (Nabila et al., 2023) It found that
students who were able to manage their finances well through
budgeting, spending control, and financial planning tended to have
higher levels of financial satisfaction. These results indicate that
students' ability to apply financial management principles plays an
important role in shaping personal financial stability and increasing their sense of security and satisfaction with their financial condition.
𝐻 2: Financial management has a
positive effect on financial satisfaction.
Financial knowledge plays an important role in
shaping individual financial satisfaction, especially in students. A
good knowledge of financial concepts helps students plan their
finances, understand risks, and make wise financial decisions.
Research by (Panjaitan et al., 2022) shows that Financial
Knowledge has a positive effect on Financial
Satisfaction A student of the Faculty of Business in
Pekanbaru.
These findings are reinforced by the theory Planned
Behavior, which states that the higher the financial
knowledge, the greater the individual's confidence in controlling his
or her financial behavior, thus encouraging the creation of
satisfaction with financial conditions.
𝐻 3: Financial Knowledge has a
positive effect on financial satisfaction.
METHODOLOGY
This study uses a quantitative approach with an associative
research type that aims to analyze the relationship between
financial attitude, financial
management, and financial knowledge to
financial satisfaction. The object of this research
is an active student of the S1 Accounting Study Program, Faculty of
Economics and Business, Udayana University. The variables in this
study consist of three independent variables, namely financial
attitude (X₁), financial management (X₂),
and financial knowledge (X₃), as well as one
dependent variable, namely financial satisfaction
(Y). The population in this study is all active students of the
Accounting Study Program FEB UNUD. The sample was determined using the
purposive sampling technique, with the criteria being students who
have taken courses in Financial Accounting and Management Accounting,
and have or are managing personal finances independently. The number
of respondents who were successfully collected in this study was 213
people. Data collection was carried out through the distribution of
questionnaires online using Google Form. The research instrument has
gone through previous validity and reliability tests. The measurement
scale used is the five-point Likert scale. The collected data was
analyzed using the Partial Least Square–Structural Equation
Modeling (PLS-SEM) approach with the help of SmartPLS 4
software. The analysis carried out included convergent and
discriminant validity tests, construct reliability tests, and path
analysis to measure the influence between variables. This study aims
to provide empirical evidence regarding the extent of the influence of
financial attitudes, financial management, and financial knowledge on
student financial satisfaction.
RESEARCH RESULTS AND DISCUSSION
Based on table 1, it is shown that most of the respondents in this
study are women with a percentage of 71.8% and the rest are men with a
percentage of 28.2%. The characteristics of the average monthly
allowance owned by the respondents varied with the amount of < 1
million as the nominal majority of the allowance owned by the
respondent or (71.8%). The nominal amount of 1 million to 2 million is
33.3%, while those of 2 million and above are 26.8%
Table 1. Respondent Characteristics
Yes
Characteristic
Information
Sum
Person
%
1
Gender
Man
60
28,2%
Woman
153
71,8%
Total
213
100%
2
Average Monthly
Allowance
<IDR1,000,000
85
71,8%
IDR 1,000,000-IDR 2,000,000
71
33,3%
>Rp.2,000,000
57
26,8%
Total
213
100%
Based on the results of the descriptive statistical analysis
listed in table 2, all latent variables in this study have a
relatively high mean value, with a range between 4.042 to 4.560. The
financial attitude variable recorded the highest
mean of 4,560, indicating a fairly good financial attitude of the
respondents. This is followed by financial
management (4,543) and financial
satisfaction (4,536), which shows that respondents are
generally able to manage their finances well and feel satisfied with
their financial condition. Meanwhile, financial
knowledge had the lowest mean of 4,402, reflecting a
slightly more varied level of financial understanding among
respondents.
The standard deviation value of all variables is smaller than the
average value, indicating that the distribution of respondents'
answers is fairly even and consistent. In addition, all constructs
in this study met the reliability criteria, with Cronbach's Alpha
and Composite Reliability (CR) values above 0.7, which indicates
that the instruments used have good internal consistency.
The validity test of the outer model was carried out through
convergent validity and Discriminant
validity. Based on the results of the evaluation, all
indicators have a loading factor value above 0.7 and an AVE value
above 0.5, in accordance with the criteria set by the (Hair et al., 2021). This
shows that all indicators and latent variables in this study are
convergently valid and are able to represent well-measured
constructs.
Table 2. Descriptive Statistical Results
Variable Latent
Indicators
Loading (>0.7)
AVE (>0.5)
Mean
Std. Deviation
Alpha (>0.7)
CR (>0.7)
Financial Attitude (FA)
FA1
0.817
0.650
4.560
0.577
0.923
0.937
FA2
0.841
FA3
0.770
FA4
0.784
FA5
0.772
FA6
0.856
FA7
0.815
FA8
0.789
Financial Management (FM)
FM1
0.858
0.731
4.543
0.605
0.926
0.942
FM2
0.877
FM3
0.879
FM4
0.848
FM5
0.822
FM6
0.845
Financial Knowledge (FK)
FK1
0.795
0.639
4.402
0.654
0.814
0.876
FK2
0.796
FK3
0.804
FK4
0.803
Financial Satisfaction (FS)
FS1
0.860
0.706
4.536
0.576
0.917
0.935
FS2
0.855
FS3
0.843
FS4
0.835
FS5
0.829
FS6
0.818
After the test convergent validity, tests were
carried out Discriminant validity to ensure that
each variable actually measures a different construct. This test
uses a Heterotrait-Monotrait ratio (HTMT), and is declared valid if
the HTMT value between variables does not exceed 0.85 (Henseler et
al., 2015). The results of the analysis show that all variables meet
this criterion, so that the validity of the discriminator is met.
These results can be seen in Table 3 and It is illustrated that all
latent variables and indicators in this study have met the HTMT
correlation criteria because each latent variable has an HTMT
correlation value lower than 0.85 (Henseler et al., 2015). Therefore, all latent variables and
indicators in this study passed the test Discriminant
validity, showing that these variables are differentiated
and can be used for further analysis.
Table 3. Discriminant Validity
Leave variable
FA
FK
FM
FS
FA
FK
0,329
FM
0,668
0,216
FS
0,667
0,421
0,597
The reliability test is carried out to measure the consistency of
the indicator in measuring latent variables. The test uses
Composite Reliability and Cronbach's
Alpha values, with a minimum limit of 0.7 (Cronbach, 1951;
Hajjar, 2018). The results shown in Table 2 show that all variables
have values above this limit, with a Composite
Reliability higher than Cronbach's Alpha.
This indicates that all constructs in this study are reliable and
can be used for further analysis.
An internal model analysis was carried out to
evaluate the relationship between latent variables and test the
proposed hypothesis. This analysis shows the extent to which
independent variables are able to explain dependent variables, as
well as verify the suitability of the theoretical model with
empirical data (Hair et al., 2019). The results of the evaluation
are displayed through a path model that describes the direction and
strength of the relationship between the variables in the study and
can be seen in figure 1
Image
The following are the approaches taken in analyzing the inner
model of this research.
Test results () and R2Predictive Relevance ()Q2
The R-Square model is used to measure how much
ability an exogenous variable explains an endogenous variable.
Table 4. Test results () and
𝐑 𝟐Predictive Relevance
(
𝐐 𝟐)
Leave variable
𝐑𝟐
Adjusted 𝐑 𝟐
Q2 Predict
Financial Satisfaction (FS)
0,469
0,462
O,305
Based on Table 4, the Adjusted R² value for Financial
Satisfaction (FS) of 0.462 shows that 46.2% of FS variations can be explained by
financial attitude, financial management, and financial knowledge.
This indicates that the model has a fairly good explanatory power.
Meanwhile, a Q² predictive relevance value of 0.305 indicates that
the model's predictive ability is at a moderate level. Referring to
Hair et al. (2019), values above 0.25 include moderate predictive
relevance. Thus, the SEM-PLS model used is suitable as an analytical
tool in measuring and predicting student Financial Satisfaction. The
results can be seen in the table below.
Path Coefficient and Bootstrapping
Test Results
The results of the path coefficient and
bootstrapping test were used to test the hypothesis in this study.
Table 5. Path Coefficient and Bootstrapping Test Results
Relationship
Path
Coefficient
T-Statistics
(\O/STDEV\)
P-
Values
Hypothesis
H1
FA -> FS
0,387
5,008
0,000
Supported
H2
FM -> FS
0,274
3,253
0,001
Supported
H3
FK -> FS
0,211
3,348
0,001
Supported
Table 5 shows that Financial Attitude (0.387), Financial
Management (0.274), and Financial Knowledge (0.211) have a positive
path coefficient for Financial Satisfaction. This means that the
better a person's attitude, management, and financial knowledge, the
higher the level of financial satisfaction felt.
To test the significance of this influence, bootstrapping tests
were carried out 500 times according to the SEM-PLS standard (Hair
et al., 2021). The test results showed that the three variables had
a t-statistical value of > 1.96 and a P- value of < 0.05,
which means that their influence on Financial Satisfaction was
statistically significant. Thus, these three variables have been
proven to have a positive and significant effect on student
financial satisfaction.
The Influence of Financial Attitude on Financial Satisfaction
of Accounting Students of FEB UNUD.
The first hypothesis (H¹) states that financial attitude has a
positive effect on the financial satisfaction of accounting
students. Students who have positive financial attitudes such as
saving habits, budgeting, and long-term thinking tend to feel more
secure, controlled, and satisfied with their financial condition.
This attitude helps them manage their finances rationally and reduce
the stress of financial problems.
These results are supported by (Wijaya & Pamungkas, 2021),
which found that financial attitudes have a significant effect on
financial decisions and well- being, in addition to research by
(Trixie et al., 2024) It also states that financial attitude plays
an important role in financial satisfaction in employees. With a
better financial background, it is easier to form a rational and
positive financial attitude.
These findings are also in line with the Theory of Planned
Behavior (TPB) (Ajzen, 1991), which states that attitudes affect
intentions and ultimately actual behavior. A positive financial
attitude encourages healthy financial behaviors such as saving and
avoiding waste. In addition, Goal Setting Theory (Locke &
Latham, 1991), explains that a positive attitude reflects a specific
financial goal, which encourages students to act more planned,
thereby increasing financial satisfaction.
The Influence of Financial Management on Financial Satisfaction of FEB UNUD Accounting Students
The second hypothesis (H²) states that Financial Management has a
positive effect on the Financial Satisfaction of accounting
students. This means that the better students manage their finances
such as preparing budgets, recording cash flow, and managing
expenses, the higher the satisfaction they feel with their financial
condition.
Accounting students, with better financial knowledge, tend to be
more skilled in financial management. This makes them feel more
secure, controlled, and able to meet their long-term needs and goals
financially.
These results are supported by (Parham et al., 2022), which
confirms that financial management skills play an important role in
improving financial well- being. In addition, these findings are in
line with the Theory of Planned Behavior (TPB) and Goal Setting
Theory. The SDGs explain that intentions and beliefs in financial
management skills encourage effective behaviors, while Goal Setting
Theory emphasizes the importance of clear financial goals to
increase motivation and financial satisfaction.
The Influence of Financial Knowledge on Financial Satisfaction of Accounting Students of FEB UNUD
The third hypothesis (H³) states that financial knowledge has a
positive effect on financial satisfaction. These findings show that
the higher a person's financial knowledge, the greater the
satisfaction they feel with their financial condition. Financial
knowledge such as understanding budgets, savings, investments, and
risks helps individuals make wise decisions, reduce uncertainty, and
create financial stability.
For accounting students, this knowledge is more impactful because
they receive formal education in the field of finance. Students who
understand financial concepts tend to be more careful, planned, and
able to avoid bad financial decisions, thus achieving more stable
and satisfying financial conditions.
These results are reinforced by (Farhen & Handayani, 2022),
which found that financial knowledge is closely related to sound
financial practices. In theory, these findings are in line with
Theory of Planned Behavior, especially the
perceived behavioral control where the sense of
ability arising from knowledge drives effective financial actions.
In addition, in accordance with Goal Setting
Theory, knowledge makes it easier for individuals to set
and achieve financial goals systematically, which ultimately
increases financial satisfaction.
CONCLUSIONS AND RECOMENDATIONS
The results of the study show that financial attitude, financial
management, and financial knowledge have a positive and significant
effect on the financial satisfaction of accounting students. This
means that a positive attitude towards finance, the ability to manage
finances, and a good knowledge of financial concepts actually increase
student financial satisfaction. These three variables play an
important role in creating subjective financial well-being during the
study period, as well as forming the foundation of healthy and planned
financial behavior.
Further research is suggested to add other variables such as
financial self- efficacy or demographic factors to expand
understanding of financial satisfaction. In addition, exploration of
indirect influences through mediation or moderation variables also
needs to be carried out. Respondents from various study programs and
education levels also need to be involved so that the research results
are more general. Educational institutions are expected to start
integrating financial literacy in the curriculum and practical
training, while students need to actively improve their financial
insights and skills to achieve sustainable financial stability and
satisfaction.
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